Hermetica
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  • Assets
  • Custodians
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  • Runes
  • Stacks
  1. USDh
  2. How it Works

Backing Mechanism

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Last updated 16 days ago

USDh is fully backed by BTC and issued natively on Runes and Stacks.

Attestations

Hermetica publishes monthly custodian attestations that detail the protocol's assets and liabilities:

Assets

Custodians

The BTC assets backing the protocol are securely held in institutional-grade custodians. All assets used to margin trades are stored in the off-exchange settlement solutions of Copper (Clearloop) and Ceffu (MirrorX) .

The custodians deposit addresses show the protocol inflows from minting transactions:

  • Ceffu 1:

  • Ceffu 2:

  • Copper:

Liabilities

Runes

The Runes protocol requires the entire token supply to be defined in the initial etching transaction. Both USDh and sUSDh have a total supply of 1 quadrillion tokens, stored in the protocol's reserve. Tokens enter circulation through minting and staking.

The circulating supply is verifiable on-chain by subtracting the tokens held in the reserve and protocol wallets from the total supply: Circulating supply = 1 quadrillion - reserve wallet - protocol wallets

USDh & sUSDh Runes Protocol Wallets and Token Etchings

Protocol Wallets

Token Etchings

Stacks

Reserve Wallet:

Protocol Wallet 1:

Protocol Wallet 2:

USDh Token Etching:

sUSDH Token Etching:

USDh token contract:

The circulating supply is verifiable on-chain by calling the get-total-supply method in the .

On the the get-total-supply function can be called under the Available functions tab to independently verify USDh's circulating supply on Stacks.

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USDH•USDH•USDH•USDH
SUSDH•SUSDH•SUSDH•SUSDH
SPN5AKG35QZSK2M8GAMR4AFX45659RJHDW353HSG.usdh-token-v1
USDh token contract
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